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{\pntxtb (}{\pntxta )}}{\*\pnseclvl9\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}\pard\plain \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0
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\par }\pard\plain \ltrpar\s3\ql \li0\ri0\sb100\sa100\sbauto1\saauto1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\outlinelevel2\adjustright\rin0\lin0\itap0\pararsid2322671 \rtlch\fcs1 \ab\af0\afs27\alang1025 \ltrch\fcs0
\b\fs27\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2322671 The retirement income system
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1988985 In regard to the Questions of the Discussion Paper
\par }\pard\plain \ltrpar\s15\ql \li0\ri0\sb100\sa100\sbauto1\saauto1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2322671 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033
{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2322671 Q1.1 In considering the future of {\*\xmlopen\xmlns2{\factoidname country-region}}{\*\xmlopen\xmlns2{\factoidname place}}Australia{\*\xmlclose}{\*\xmlclose}
's retirement income system, which objectives are relevant in setting retirement income policy? Does the current system of the Age
Pension and compulsory and voluntary savings meet these objectives? If not, how should the system be changed to meet these objectives?
\par }{\rtlch\fcs1 \ab\af0\afs27 \ltrch\fcs0 \cs16\b\fs27\insrsid2322671\charrsid2169673 Response }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid2322671\charrsid2169673 \endash the current 3 tiered approach is a practical solution to the objectives }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid11491359\charrsid2169673 \endash }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid2322671\charrsid2169673 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid11491359\charrsid2169673 the AP should provide a minimum of t
he poverty amount \endash recognizing that {\*\xmlopen\xmlns2{\factoidname place}}{\*\xmlopen\xmlns2{\factoidname country-region}}Australia{\*\xmlclose}{\*\xmlclose} desires that all can have at least this amount.}{\rtlch\fcs1 \af0 \ltrch\fcs0
\cf17\insrsid2322671\charrsid2169673
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid11491359\charrsid2169673 The SG component should be aimed to provide a reasonable (around 75%) replacement level of income for the median percentile income level of the population.
\par Voluntary contributions should enable this to be able to be increased for the higher paid workers who opt to forego current consumption to spread their income into future periods.
\par }\pard\plain \ltrpar\s3\ql \li0\ri0\sb100\sa100\sbauto1\saauto1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\outlinelevel2\adjustright\rin0\lin0\itap0\pararsid2322671 \rtlch\fcs1 \ab\af0\afs27\alang1025 \ltrch\fcs0
\b\fs27\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2322671 A broad and adequate retirement income system
\par }\pard\plain \ltrpar\s15\ql \li0\ri0\sb100\sa100\sbauto1\saauto1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2322671 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033
{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2322671 Q2.1 As the SG system matures, i
t will become a greater part of an employee's retirement income. What are the implications for individuals partially or fully excluded from the mature SG system (the self-employed, individuals with broken work patterns such as carers, women and migrants),
and how can the retirement income system best accommodate these groups?
\par }{\rtlch\fcs1 \ab\af0\afs27 \ltrch\fcs0 \cs16\b\fs27\insrsid2169673\charrsid2169673 Response }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2169673 \endash }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid2169673\charrsid2169673
These people will fall within 2 camps \endash those at the top end who will not rely on the SG to be their complete savings vehicle., and those (eg refugees) who may have no ot
her savings.. Provided the AP continues to provide the minimum poverty level income then -whilst not the ultimate \endash there is no real issue. So even when the SG is mature there still needs to be a safety net.}{\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid2169673
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2322671 Q2.2 Noting that the adequacy of the Age Pension
is being considered by the Pension Review, what is an appropriate concept of adequacy for the retirement income system? Should it be to ensure there is a minimum level of income in retirement, to replace a proportion of income earned prior to retirement,
or some other alternative?
\par }{\rtlch\fcs1 \ab\af0\afs27 \ltrch\fcs0 \cs16\b\fs27\insrsid2169673\charrsid2169673 Response }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2169673 \endash }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid2169673 The AP should NOT try to maintain an \'93
income replacement\'94 rather the AP should maintain a decent adequacy relative to a poverty measure. To do otherwise undermines the saving savings for oneself and the future. This h
owever would require some changes to ensure the SG and additional contributions were both AVAILABLE across all groups (eg parents looking after children so not in the workforce, and that divorce settlements required adjustments if only one had super)
\line }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid7368323
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2322671 Q2.
3 What should the role of the government be in assisting individuals to meet their retirement income expectations in relation to the support provided by the Age Pension, the level of compulsory savings and incentives to make additional savings? Should the
role of government change as an individual's income increases over their working life?
\par }{\rtlch\fcs1 \ab\af0\afs27 \ltrch\fcs0 \cs16\b\fs27\insrsid2169673\charrsid2169673 Response }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2169673 \endash }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid2169673 This should be to provide a vehicle to encourage }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid10964792 all to have a \'93funded\'94 Retirement. The level of Retirement Income that is \'93targeted\'94 should be that that is a
dequate for a person on up to around 2 or 3 times Average Earnings. However it seems the current rules are grossly biased towards the higher income scales. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid2169673
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid10964792 Ideally it would be simpler if everyone qualified for the AP and that income generated by the RIS was added to this and then taxed in total. \endash
It seems grossly inequitable that if you put money into super rather than invest in a different vehicle outside super that the proceeds are taxed differently. Eg some 80 year olds retired before superannuation w
as universal and so had no super but had saved and so currently are self funded but their income is fully taxed compared to super annuitants.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10964792
\par }\pard\plain \ltrpar\s3\ql \li0\ri0\sb100\sa100\sbauto1\saauto1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\outlinelevel2\adjustright\rin0\lin0\itap0\pararsid2322671 \rtlch\fcs1 \ab\af0\afs27\alang1025 \ltrch\fcs0
\b\fs27\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2322671 An acceptable retirement income system
\par }\pard\plain \ltrpar\s15\ql \li0\ri0\sb100\sa100\sbauto1\saauto1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2322671 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033
{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2322671 Q3.1 Do the settings of the retirement income system, such as the level of SG and access to concessions, adequately consider the needs and preferences of individuals both before and after retirement?
\par }{\rtlch\fcs1 \ab\af0\afs27 \ltrch\fcs0 \cs16\b\fs27\insrsid10964792\charrsid2169673 Response }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10964792 \endash }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid10964792
The SG level needs to either be raised or the contributions tax removed (or both). It should be required for ALL Australian residents without the current exemptions. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid2192550
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid10964792 Currently the concessions do not adequately provide for the large }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid2192550
portion of Casual workers who may have some level of employer SG and this then precludes them from claiming deductible contributions. This se
ems at odds with the desired outcomes as many people who have been out of the full time paid workforce (eg parents returning to work) spend considerable time in casual work. Salary sacrifice is not practical for these workers due to the fluctuating amoun
ts they are paid,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid2192550\charrsid2192550 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid2192550 higher net worth individuals are more likely to be able to negotiate salary sacrifice deals}{\rtlch\fcs1 \af0
\ltrch\fcs0 \cf17\insrsid10964792\charrsid10964792
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2322671 Q3.2 Is the current level of superannuation income tax concessions appropriate and sustainable into the future? Are the current concessions properly targeted, and if not, how should they be reformed?
\par }{\rtlch\fcs1 \ab\af0\afs27 \ltrch\fcs0 \cs16\b\fs27\insrsid2192550\charrsid2169673 Response }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2192550 \endash }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid2192550 The}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid280138
current concessions significantly favor the higher income. There seems little concessions available to the lower income group. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid2192550
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid280138 The concessions are poorly targeted. The lower rate of tax
on earnings only favors the high end recipients. The ability to salary sacrifice also favors the high end . Contributions should be paid from AFTER tax amounts and then a Govt Co Contribution at a rate of (say 30%) should apply this will increase lower
paid SG accounts (as they may only have been subject to 15% tax, make the majority effectively pay no tax and reduce the subsidy to HNW and so be more equitable.) There could also be a maximum dollar cap on the co-contribution if required).}{\rtlch\fcs1
\af0 \ltrch\fcs0 \insrsid280138
\par }\pard\plain \ltrpar\s3\ql \li0\ri0\sb100\sa100\sbauto1\saauto1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\outlinelevel2\adjustright\rin0\lin0\itap0\pararsid2322671 \rtlch\fcs1 \ab\af0\afs27\alang1025 \ltrch\fcs0
\b\fs27\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2322671 A robust retirement income system
\par }\pard\plain \ltrpar\s15\ql \li0\ri0\sb100\sa100\sbauto1\saauto1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2322671 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033
{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2322671 Q4.1 At what age should an individual be able to access their superannuation and at what age should they become eligible for the Age Pension?
\par }{\rtlch\fcs1 \ab\af0\afs27 \ltrch\fcs0 \cs16\b\fs27\insrsid2192550\charrsid2169673 Response }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2192550 \endash }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid2192550 The}{\rtlch\fcs1 \af0 \ltrch\fcs0
\cf17\insrsid4395780 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid2192550 AP entitlement should be set based on the Life Expectation so it is not seen as
a whim of the (intending) govt. The male life expectancy did not reach 65 until after WWII. At this time a person reaching 65 had a further expectancy of 12 years}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid4395780
(or roughly 15% of their expected life on reaching the \'93original expectation)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid2192550 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid4395780 Applying this
same proportion on the current tables would suggest the AP should not start until around 70 when there is still a14 year expectation. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid2192550
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid4395780 However many people will wish to retire or transition into retirement (as opposed to access the AP) or be subject to ill
health and so should be able to access at least a portion of their retirement from an earlier age.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4395780
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2322671 Q4.2 What is the role of individuals in dealing with investment and longevity risk in accumulating and drawing down their retirement income? Do financial mar
kets provide the means to deal with these risks? If not, is there a role for government to address these shortcomings?
\par }{\rtlch\fcs1 \ab\af0\afs27 \ltrch\fcs0 \cs16\b\fs27\insrsid4395780\charrsid2169673 Response }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4395780 \endash }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid4395780
Many individuals have no idea of investment risks or strategy as seen by the numbers who are continually caught up in the Bri
dgepoint and Storm and equivalent scandals. It is disingenuous for IFSA etc to produce surveys showing people are happy with their Financial Planners. (Or rather why would you stay with someone you are not happy with unless there were serious penalties?)
. Behavioral finance suggests that we reinforce our decisions until it is too late.
\par Government should act to ensure that there are investment that satisfy the needs for the superfunds \endash Ideally this would be a supply of long dated inflation linked fixed in
terest, but even just a supply of long dated bonds (that are not required to be held by APRA}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid7368323 ADTI\rquote s)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid4395780 would be better than the current}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid7368323 system. A side effect of issuing these would be the financial pressure on the Govt to restrain inflation - if this was sup
plemented with indexed tax bands then there would be greater confidence that the goals of all parties were aligned.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid4395780
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid7368323 Longevity risk is one that is currently poorly covered by the market. To a large extent this currently \'93reinsured\'94 via the AP to cover the s
hortcomings. I do not see this as an extreme problem. The \'93reinsurance\'94 should only kick in at advanced ages when (excluding health costs) the financial needs are likely to be lower than \'93average\'94.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid15892163 Currently many retirees greatest asset is their family hom
e. It is not obvious that the market has yet developed a product that enables the retiree to access the value of this asset. Many existing products have shortcomings (either in product design or via the sales process).
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15892163
\par }\pard\plain \ltrpar\s3\ql \li0\ri0\sb100\sa100\sbauto1\saauto1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\outlinelevel2\adjustright\rin0\lin0\itap0\pararsid2322671 \rtlch\fcs1 \ab\af0\afs27\alang1025 \ltrch\fcs0
\b\fs27\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2322671 A simple and approachable retirement income system
\par }\pard\plain \ltrpar\s15\ql \li0\ri0\sb100\sa100\sbauto1\saauto1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2322671 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033
{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2322671 Q5.1 In what ways does the retirement income system impose undue complexity and cost on retirees and workers? How could this complexity be reduced?
\par }{\rtlch\fcs1 \ab\af0\afs27 \ltrch\fcs0 \cs16\b\fs27\insrsid4395780\charrsid2169673 Response }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4395780 \endash }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid4395780 T}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid7368323
he current rules post vesting are difficult to apply with the concepts of \'93permanent retirement\'94, transition to retirement, lump sum withdrawals and income withdrawals}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid14095031 and recontributions}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid7368323 all having to be considered.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid14095031 Again those with high amounts will have access to better advice and so get most out of the system.}{\rtlch\fcs1 \af0
\ltrch\fcs0 \cf17\insrsid4395780
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid14095031 For the super fund th
e requirement to have Exempt and Normal assets depending on the state of the member benefits and the need to change products as a person retires / goes back to work , transitions seems significantly over complicated.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14095031
\par }\pard\plain \ltrpar\s3\ql \li0\ri0\sb100\sa100\sbauto1\saauto1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\outlinelevel2\adjustright\rin0\lin0\itap0\pararsid2322671 \rtlch\fcs1 \ab\af0\afs27\alang1025 \ltrch\fcs0
\b\fs27\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2322671 A sustainable retirement income system
\par }\pard\plain \ltrpar\s15\ql \li0\ri0\sb100\sa100\sbauto1\saauto1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid2322671 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033
{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2322671
Q6.1 The Age Pension serves two roles, as a safety-net for individuals who are unable to sufficiently save for their retirement and as an income supplement for many individuals who do save. What should be the role for the Age Pension and means testing in
a future retirement income system and what impact does this have on its sustainability into the future?
\par }{\rtlch\fcs1 \ab\af0\afs27 \ltrch\fcs0 \cs16\b\fs27\insrsid4395780\charrsid2169673 Response }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4395780 \endash }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid4395780 T}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid15892163
he AP as a safeguard is important. However having dual tax and Social security runoffs does cause anomalies in the marginal rate that need to be resolved. It may be possible to include a tax credit \endash rather than a \'93means test\'94
to enhance the income and overcome this. Some forms of offsetting would need to be included to adjust for the difference between the \'93annual\'94 tax view and the \'93weekly\'94 DOSS view. However establishing a \'93loan account\'94
based on the AP amount that is then adjusted when the annual tax return is done may be able to reconcile this. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid4395780
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid15892163
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2322671 Q6.2 In what ways does retirement income policy affect workforce participation decisions
and what, if any, changes might reduce disincentives to work? Does the sustainability and cost of the retirement income system affect the workforce decisions of younger generations of workers?
\par }{\rtlch\fcs1 \ab\af0\afs27 \ltrch\fcs0 \cs16\b\fs27\insrsid4395780\charrsid2169673 Response }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4395780 \endash }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid4395780 T}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid9985283
his will operate in 2 ways \endash for some baby boomers
it will advance retirement but this in itself may not be a bad thing as it will increase the pool of resources for the many volunteering positions that are currently not being filled by the younger generations }{\rtlch\fcs1 \af0 \ltrch\fcs0
\cf17\insrsid4395780
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid9985283 However the need to maintain a lifestyle will mean these also reenter the workforce for periods \endash ie it is not going to be once out always out.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid7559501 For others }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid9985283 they will try to stay in the workforce as long as possible to increase their retirement kittys.
\par (note it is not always possible to stay in the workforce despite anti discrimination laws and the \'94cry\'94 for qualified people \endash there still is age discrimination)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9985283
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2322671 Q6.3 What impact could financial intermediation have on the effectiveness of retirement income policy?
\par }\pard\plain \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \ab\af0\afs27 \ltrch\fcs0
\cs16\b\fs27\insrsid4395780\charrsid2169673 Response }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14095031 \endash }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid14095031\charrsid9985283 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid9985283\charrsid9985283
it may be a force for either good or evil.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf17\insrsid9985283
I have more faith in the industry funds having seen 2 of my sons accounts disappear into the ether because the employers do not advise that his casual employment ceased and their fees ate all his benefits. \endash until this can be resolved many (p
roduct providers excluded) will not get any benefit from the SG.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9985283
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1988985
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7302464 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7302464
\par Yours
\par Alan Udell
\par }}